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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53715
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I am a tenant in common with a real estate investment group

Customer Question

I am a tenant in common with a real estate investment group who holds property for sale to developers. Annually we incur various kinds of expenses such as property taxes, legal fees, etc. I am entitled to claim these expenses on my tax return. I do not know what form they should be claimed on nor what info I need to furnish related to the tenant in common status.
Submitted: 7 months ago.
Category: Tax
Expert:  Richard replied 7 months ago.

Good evening Gary. My name is ***** ***** I look forward to helping you.

Yes, you can deduct these investment expenses. Pursuant to IRS Publication 550 ( "To deduct your investment expenses, you must itemize deductions on Schedule A (Form 1040). Enter your deductible investment interest expense on Schedule A (Form 1040), line 14. Include any deductible short sale expenses. (See Short Sales in chapter 4 for information on these expenses.) Also attach a completed Form 4952 if you used that form to figure your investment interest expense. Enter the total amount of your other investment expenses (other than interest expenses) on Schedule A (Form 1040), line 23. List the type and amount of each expense on the dotted lines next to line 23. (If necessary, you can show the required information on an attached statement.)."

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